Mumbai: British lender Standard Chartered’s Indian depositary receipts, the first of their kind in Asia’s third-largest economy, are likely to track the bank’s London shares on their market debut on Friday.

The listing of the IDRs on the Bombay Stock Exchange and National Stock Exchange nonetheless marks a milestone, and the liquidity of the listing will provide a gauge of investor appetite for further issues by overseas firms looking to boost their presence in India.

The emerging markets focused bank raised about $530 million after pricing its IDRs towards the lower end of an indicated range in an offering that saw poor demand until its final day, due to weak global markets and new local rules on bookbuilding.

Standard Chartered has said the offering was aimed more at building its brand and presence in its second-largest market by profit than about raising funds.

“The Indian shares of StanChart will basically track the movement of the London shares, and there could be a very small deviation from that due to market conditions," said Jagannadham Thunuguntla, equity head at SMC Capitals in New Delhi.

“It’s a global bank and the IDRs give investors a good opportunity to diversify their portfolio," he said. “I don’t see many IDRs hitting the Indian market soon, but some companies who want to boost their presence in the country may look at it."

Every 10 IDRs represent one share of Standard Chartered Plc.

StanChart’s profit in India rose by 19% to $1.06 billion last year, contributing 21% of group earnings and ranking India fractionally behind Hong Kong as its biggest profit contributor.